Spectrum Brands (SPB) Shares Gap Down After Earnings Miss

Spectrum Brands Holdings Inc (NYSE:SPB) shares gapped down before the market opened on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $48.61, but opened at $48.05. Spectrum Brands shares last traded at $50.13, with a volume of 63071 shares.

The company reported $0.79 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.08 by ($0.29). The company had revenue of $787.80 million for the quarter, compared to the consensus estimate of $803.72 million. Spectrum Brands had a net margin of 22.32% and a negative return on equity of 4.00%. The business’s revenue for the quarter was up .0% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.35 EPS.

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The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 18th. Stockholders of record on Tuesday, November 27th will be given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 3.41%. The ex-dividend date of this dividend is Monday, November 26th. Spectrum Brands’s dividend payout ratio is currently -270.97%.

SPB has been the topic of several research analyst reports. BMO Capital Markets set a $85.00 price objective on Spectrum Brands and gave the company an “outperform” rating in a research report on Tuesday. Wells Fargo & Co reaffirmed a “market perform” rating and issued a $50.00 price objective (down previously from $70.00) on shares of Spectrum Brands in a research report on Tuesday. Monness Crespi & Hardt cut their price objective on Spectrum Brands from $103.00 to $64.00 and set a “buy” rating on the stock in a research report on Tuesday. Raymond James downgraded Spectrum Brands from an “outperform” rating to a “market perform” rating in a research report on Tuesday. Finally, Deutsche Bank downgraded Spectrum Brands from a “buy” rating to a “hold” rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company. Spectrum Brands presently has an average rating of “Hold” and a consensus price target of $106.90.

A number of institutional investors have recently made changes to their positions in SPB. FMR LLC lifted its holdings in shares of Spectrum Brands by 149.0% in the 2nd quarter. FMR LLC now owns 6,340,757 shares of the company’s stock worth $517,533,000 after buying an additional 3,793,831 shares during the period. Wedge Capital Management L L P NC purchased a new stake in shares of Spectrum Brands in the 2nd quarter worth $107,639,000. Schroder Investment Management Group lifted its holdings in shares of Spectrum Brands by 171.2% in the 2nd quarter. Schroder Investment Management Group now owns 2,053,842 shares of the company’s stock worth $106,533,000 after buying an additional 1,296,429 shares during the period. Sterling Capital Management LLC purchased a new stake in shares of Spectrum Brands in the 2nd quarter worth $84,265,000. Finally, BlackRock Inc. lifted its holdings in shares of Spectrum Brands by 95.2% in the 3rd quarter. BlackRock Inc. now owns 1,773,507 shares of the company’s stock worth $132,517,000 after buying an additional 865,154 shares during the period.

The firm has a market capitalization of $3.17 billion, a price-to-earnings ratio of -79.44, a price-to-earnings-growth ratio of 1.80 and a beta of 1.66. The company has a quick ratio of 2.68, a current ratio of 3.14 and a debt-to-equity ratio of 3.07.

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